The report "Mid-and High-Level Precision GPS Receiver Market with COVID-19 Impact, by Type (Differential Grade, Survey Grade), Industry (Agriculture, Mining, Construction, Oil & Gas) and Geography - Global Forecast to 2026" According to the new research report, the global mid-and high-level precision GPS receiver market size is expected to grow from USD 2.7 billion in 2021 to USD 4.0 billion by 2026, at a CAGR of 8.6%. The growth of this market is driven mainly by growing adoption of GPS receivers in construction industry, rising technological advancements and GPS augmentation system, rising ongoing development to improve overall GPS infrastructure, and growing availability of more cost-effective GPS solutions.
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Driver: Ongoing developments to improve overall GPS infrastructure
GPS receivers are widely adopted by industries such as construction, agriculture, mining, aviation, and maritime, among others. These receivers help in search and rescue, trucking and shipping, surveying and mapping, tracking, offshore drilling, and space exploration activities. Advancements in the GPS system are expected to enhance reliability and coverage for these activities. With greater reliability, surveyors can obtain even more accurate and consistent measurements; difficult inshore navigation on rivers and canals would be safer and more reliable; and aircraft take-off, final approach, and landing would have far greater signal redundancy, thereby resulting in improved decision heights and safety margins. GPS is expected to spur the development of new products (designed to take advantage of signals from multiple satellite systems). This, in turn, would fuel the growth for end-market systems and increase the market penetration for GPS technology in traditional markets, create new applications in non-traditional GPS markets, and even create entirely new markets.
Restraints: Slow market acceptance for new technologies
The increasing demand for the tracking of equipment in manufacturing facilities results in demand for GPS receivers. Companies are investing heavily in R&D for the development of advanced GNSS receivers as well as the new version of existing GNSS products. In addition, advancements in technologies such as RTK positioning and PPP for precise accuracy have also driven the adoption of GPS receivers. However, GPS is currently underdeveloped in various emerging economies and is expected to be in the development stage in the future. This has also slowed down the adoption of new GPS-related technology.
Mid-and high-level precision GPS receiver for survey grade type to grow at highest CAGR from 2021 to 2026
Survey-grade GPS receivers are used to position road construction, survey markers, and buildings. These receivers are designed to achieve constant network accuracy in real time or static mode There is an increasing adoption of survey grade in industries such as agriculture and construction as it provides accurate positioning. Rising construction activities across the world is estimated to fuel the demand for the survey-grade segment in the coming years. These receivers are more expensive and more accurate positioning devices as compared to differential-grade GPS receivers.
The mid-and high-level precision GPS receiver market in APAC is expected to grow at the highest CAGR from 2021 to 2026
APAC is expected to hold the largest growth rate of the global mid-and high-level precision GPS receiver market during the forecast period. The growth of GPS receivers in the region is attributed to the growing agriculture (precision farming) industry as well as rising infrastructure development. GPS receivers are highly used in both construction and farming activities. However, the pandemic has resulted in disruptions in supply chain activities, revenue losses, and slowdown in production activities which have highly impacted the growth of the market, eventually impacting the economy.
Countries such as China and Japan are witnessing increasing demand for the GPS receiver market. Rising population in APAC countries is also increasing air and rail traffic, which is driving the demand for GPS receivers. In Australia, the mid- and high- level precision GPS is basically used for precision farming applications. Australia is one of the leading countries in the adoption of precision farming techniques after the US and Canada. Australia has helped lead the way in the application of Precision Agriculture (PA) or satellite farming, which allows farmers to cater to the variability of their lands.
Major companies operating in this mid-and high-level precision GPS receiver market include Trimble Navigation Ltd. (US), Hexagon AB (Sweden), Topcon Positioning Systems Inc. (US), Hemisphere GNSS, Inc. (US), and Javad GNSS, Inc. (US).
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